Major US pharmaceutical companies are accelerating partnerships with Chinese biotech firms even as Washington intensifies efforts to decouple from Beijing’s biomedical sector. Bristol Myers Squibb Inc. (NYSE: BMY) signed a $15.2 billion collaboration with Jiangsu Hengrui Pharmaceuticals in May, covering 13 early-stage programs in oncology, hematology and immunology. Merck & Co. Inc. (NYSE: MRK) reached a $2 billion licensing agreement in March 2025 for HRS-5346, a cardiovascular drug developed entirely in China.These high-value deals reflect a broader shift in global drug development. A June Cure Innovation Index survey of 117 senior industry leaders found that China has pulled ahead of...